Fri, Sep 27, 2013 - Page 14 News List

CTBC partners third Japanese firm in bid to extend Asia trade

By Kevin Chen  /  Staff reporter

CTBC Financial Holding Co (中信金控) yesterday inked a memorandum of understanding (MOU) with a regional bank in Japan, the third such cooperation pact it has signed since June.

In a joint statement, CTBC said the deal with Bank of Kyoto Ltd ensured future cooperation in information exchange, advisory services for loans and investments in different markets, the statement said.

CTBC president Daniel Wu (吳一揆) signed the MOU with his counterpart at Bank of Kyoto, Hideo Takasaki, the statement said.

The agreement followed a similar pact CTBC signed with the ShinGinko Tokyo Ltd last month and another with the Shizuoka Bank in June, as the Taiwanese banking group aims to deepen its presence in Japan and its Japanese peers look to tap into markets in China and Southeast Asia through the Taiwanese partnership.

ECFA

CTBC said that Taiwan has increasingly become a springboard for Japanese firms interested in expanding in China since the singing of the Economic Cooperation Framework Agreement (ECFA) was signed in September 2010.

CTBC Bank (中信銀行), CTBC Financial’s main subsidiary, has 147 branches in Taiwan and 68 overseas outlets, including in the US. It has nine branches, four subsidiaries and four representative offices.

Established in 1941, the Bank of Kyoto had capital equivalent to NT$12.6 billion (US$424.6 million) and total assets of NT$2.28 trillion as of March 31.

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